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Bitcoin corrective drop today could easily extend further

23 Feb, 2021

The fallout in Bitcoin today is pretty severe, but it could get worse. The fact that this current downside move may just be a technical correction does not make it any less severe and dynamic. That is assuming it is not something altogether darker than that. The current wave higher started on January 22 at a low point of 28,817. That led to the wave, to the most recent record high at 58,350. It has already met a 38.2% retracement of that move when it broke below 47,068 earlier today. The move lower has extended to as low as 45,000, but it could go to the next Fibonacci retracement level. That is in place at 43,584. That is 50% of the whole upside move. If that is met and not held, then the 61.8% retracement level will come into play. That is in place just above 40k at 40,099 to be precise. That is not to say these levels will be reached today, or if at all, but in the current mood it might be short sighted to rule them out. Bitcoin is currently trading at 46,500

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